Happy New Year! These Canadian federal taxes are set to increase in 2025:
These are the federal taxes set to rise in 2025 | Western Standard | Western Standard News Services:
January 1, 2025 - "Canadians are facing a series of tax increases in 2025, according to a report released by the Canadian Taxpayers Federation (CTF). The hikes include higher payroll contributions, increased carbon taxes, and automatic alcohol tax adjustments....
"'Tax hikes will give Canadians a hangover in the new year,' said Franco Terrazzano, CTF Federal Director. 'In 2025, the Trudeau government will yet again take more money out of Canadians’ pockets with payroll tax hikes and will make life more expensive by raising carbon taxes and alcohol taxes'....
"Mandatory Canada Pension Plan (CPP) and Employment Insurance (EI) contributions will increase in 2025. The changes will cost workers up to $403 more annually, with federal payroll taxes totaling $5,507 for individuals earning $81,200 or more. Employers will also see their share rise to $5,938 per employee....
"The federal carbon tax is set to rise on April 1, increasing to about 21 cents per litre of gasoline, 25 cents per litre of diesel, and 18 cents per cubic metre of natural gas. According to the Parliamentary Budget Officer, the tax will cost the average household between $133 and $477 in 2025-26, even after accounting for rebates....
"Alcohol taxes will increase by 2% on April 1 under the federal alcohol escalator tax. The automatic annual tax hike, introduced in the 2017 federal budget, has cost taxpayers more than $900 million since its implementation, according to Beer Canada. The 2025 increase is expected to add another $40.9 million to that total....
"In a move to provide some relief, the federal government announced a two-month sales tax holiday on specific items, including pre-made groceries, children’s clothing, and snacks. The holiday ... ends on Feb. 15....
"The report also highlights recent tax changes introduced in Budget 2024, such as increases in [income subject to] capital gains taxes and the implementation of a digital services tax and an online streaming tax."
Read more: https://www.westernstandard.news/news/these-are-the-federal-taxes-set-to-rise-in-2025/60622
Trudeau hiking taxes again in 2025 | Canadian Taxpayers Federation | December 18, 2024:
Read full report: https://www.taxpayer.com/media/new-years-tax-changes-ctf-2025.pdf
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